The unemployment rate in Russia reached a historic low of 3.2% in May, according to Deputy Prime Minister for Social Policy Tatyana Golikova. This marks a significant drop of 48,000 jobless individuals since the beginning of the year, bringing the total number of unemployed to 516,000.
The figures released by Golikova align with the data from Russia’s statistics service, Rosstat, which had previously reported unemployment rates below 4% for over a year, starting in May 2022.
Experts attribute the decrease in unemployment to a shortage of qualified workers in the country. During the St. Petersburg International Economic Forum (SPIEF) held last month, Golikova stated that many of the unemployed individuals in Russia possess educations that do not meet the current demands of the economy. The manufacturing, industry, and construction sectors, in particular, are in dire need of skilled workers.
Golikova emphasized the importance of obtaining technological sovereignty over the next five years, stressing that around 1 million skilled workers are required to achieve this goal. She stated, “No technological sovereignty is possible in the absence of human resources. And our global task today is to get these labor resources by all means available to us.”
To address this issue, Labor and Social Protection Minister Anton Kotyakov highlighted the free retraining programs offered under the national project ‘Demography.’ These programs aim to provide individuals with the necessary skills for in-demand professions in local labor markets. As of now, more than 80,000 people across the country have started their training, and over 22,000 have already completed the retraining process.
The Russian government’s efforts to tackle unemployment and bridge the skills gap reflect their commitment to economic development and ensuring long-term stability. By investing in retraining programs and incentivizing industries to attract qualified workers, the government aims to strengthen various sectors, such as manufacturing, industry, and construction, which are crucial for Russia’s overall growth.
In conclusion, Russia’s unemployment rate has reached a historic low of 3.2% in May, with 516,000 jobless individuals recorded. The shortage of qualified workers and the need for technological sovereignty have been identified as key factors driving the decline in unemployment. The government’s focus on retraining programs and addressing the skills gap underscores its determination to foster economic growth and stability. These initiatives aim to equip individuals with the necessary skills to meet the demands of the evolving job market and contribute to the development of various sectors in Russia.
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